-  Electric Power Steering ("EPS") Sales Increased by 24.6% in 2023 - WUHAN, China, March 28, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for the fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights Net sales increased by 23.6% year-over-year to $159.2 million Gross profit increased ...

WUHAN, China, March 15, 2024 /PRNewswire/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced that it will issue unaudited financial results for the fourth quarter ended December 31, 2023, on Thursday, March 28, 2024, before the market opens. Management will conduct a conference call on March 28th at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results.  A question and answer session will foll ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|------------------|-------|----------------------------------------- ...

China Automotive Systems, Inc. (NASDAQ:CAAS) Q3 2023 Earnings Conference Call November 10, 2023 8:00 AM ET Company Participants Kevin Theiss - IR Jie Li - CFO Conference Call Participants Operator Good morning, everyone, and welcome to the China Automotive Systems' Third Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode and the floor will be open for questions after the presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn ...

Financial Data and Key Metrics Changes - The company's net sales increased by 8.1% year-over-year to $137.4 million in Q2 2023 compared to $127.2 million in Q2 2022 [14] - Net income attributable to parent company's common shareholders rose to $10.5 million in Q2 2023 from $9.4 million in Q2 2022, with diluted earnings per share increasing by 12.9% to $0.35 [18] - For the first six months of 2023, net sales increased by 6.1% year-over-year to $279.7 million, with net income attributable to parent company shareholders reaching $17.3 million compared to $9.4 million in the same period last year [20] Business Line Data and Key Metrics Changes - Net sales of advanced electric power steering (EPS) products rose by 28.4% year-over-year to $41.6 million in Q2 2023 [14] - Sales of traditional steering products increased by 1.1% year-over-year to $95.8 million in Q2 2023 [14] - Sales to the commercial vehicle market increased by 7.2%, while Henglong passenger vehicle sales rose by 27.4% due to higher demand [9] Market Data and Key Metrics Changes - Overall automobile sales in China increased by 17.9% year-over-year in Q2 2023, with passenger vehicle sales rising by 19.3% and commercial vehicle sales up by 10.1% [8] - New energy vehicle sales rose by 44.1% in the first six months of 2023, reflecting a recovery from the previous year's COVID-19 restrictions [9] Company Strategy and Development Direction - The company continues to collaborate with major OEMs like BYD and Stellantis to enhance product offerings and develop new technologies [10] - Focus on developing proprietary EPS products for advanced driver assistance systems (ADAS) and level-4 autonomous driving [11] - Management reiterated a revenue growth target of $560 million for the full year 2023, based on current market conditions [21] Management Comments on Operating Environment and Future Outlook - The Chinese economy showed signs of recovery with a GDP growth rate of 5.5% year-over-year in the first half of 2023, although affected by internal and external factors [6] - Management noted that sales to North America declined by 24.5% due to reduced demand from customers, but market share remained stable [23] - New government incentives are expected to enhance economic growth in targeted markets, including the automobile sector [13] Other Important Information - Total cash, cash equivalents, and pledged cash were $125.5 million as of June 30, 2023 [20] - The company achieved an approximate 11% year-over-year decline in total operating expenses, contributing to an operating profit of $8.2 million in Q2 2023 [12] Q&A Session Summary Question: Could you shed some light on the decline in sales to the US and expectations going forward? - Management confirmed a 24.5% decline in sales to North America, primarily due to a decrease in customer production volumes, but market share remained stable [23] - The company is working on new products and expects to increase shipments as these are rolled out, while also pursuing new clients in North America [24] Question: What percentage of your sales come from North America currently? - Management indicated that approximately 20% of total revenues come from North America [25]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-33123 China Automotive Systems, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0885775 (Sta ...

China Automotive Systems, Inc. (NASDAQ:CAAS) Q1 2023 Earnings Conference Call May 12, 2023 8:00 AM ET Company Participants Kevin Theiss - Investor Relations Jie Li - Chief Financial Officer Conference Call Participants William Gregozeski - Greenridge Global Operator Greetings. Welcome to the China Automotive Systems First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please no ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|------------------|-------|--------------------------------------------- ...

China Automotive Systems, Inc. (NASDAQ:CAAS) Q4 2022 Earnings Conference Call March 30, 2023 8:00 AM ET Company Participants Kevin Theiss - Investor Relations Jie Li - Chief Financial Officer Conference Call Participants William Gregozeski - Greenridge Global Operator Good morning everyone and welcome to the China Automotive Systems' Fourth Quarter and Fiscal Year 2022 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation ...

Table of Contents | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------| | (State or other jurisdiction of incorporation or organization) \nNo. 1 Henglong Road, Yu Qiao Development Zone \nShashi District, Jing Zhou City, Hubei Province | (I.R.S. Employer Identification No.) | | The People's ...